City of Troy to issue new RFP for Monument Square development

TROY -- In lieu of a project with subsidized housing on the site of the former city hall, Nigro Companies is envisioning an eight or nine story space with about 100 market value waterfront apartments, a gourmet restaurant, and a miniature grocery store.

But all of this will depend on the instructions in the Request for Proposals that the city plans to issue early this month as part of attracting another round of proposals for the property, said John Nigro, president of the Albany-based development firm.

"We would like to put another offer in. A lot has changed in the last two years," Nigro said, referring to the project his company initially proposed in conjunction with the Richman Group of Connecticut. Their joint proposal, which included a mixed residential development with 60 percent subsidized housing at the 2.1 acre waterfront parcel, was accepted by the city's prior administration. Judge Development and Columbia Development also submitted plans in response to the city's original RFP for the site, which was issued in December 2010.

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The city will provide a 90-day window for bidders to submit detailed plans for the site. Officials said that there is a lot of interest regarding the site not only from local developers but also those located outside of the area.

Nigro said he met with the city a couple weeks ago when it decided it would be in its best interest to look at other projects besides the one initially approved in 2010. Richman Group, which specializes in subsidized housing, withdrew from the project during that meeting, so the property was not sold and remains in the city's control.

"Given the changes in the marketplace since 2010 and the importance of this project to the future of Troy and the region, I think Mayor Rosamilia made the right choice to step back and take a fresh look at the opportunities this site presents," said Nigro. "We believe strongly in the future of downtown Troy and look forward to the opportunity to participate in its future. We share the view that this will be a transformative project for the city of Troy and Rensselaer County."

While other developers are sure to submit projects, Nigro's includes office space and apartments, ranging in size from studio to three-bedroom, along with two levels of parking underneath the tall building which would be nearly twice the size of most of the adjacent edifices. Nigro explained that they would use similar architectural designs as those in the historic buildings downtown.

"Go up and down the Hudson River - you won't find a better piece of real estate that carries the same potential for construction, development, or commercial opportunities," Mayor Lou Rosamilia said. "We have looked at the project since the first day I came into office, and it is hard to overstate the importance of this entire initiative. What happens at that site will go a long way toward determining the future of Downtown Troy and Rensselaer County. I fully expect a great deal of interest and look forward to a robust response to our call for proposals."

The city's decision to issue another Request for Proposals provides the opportunity for greater outreach to interested developers, and to establish revised submission criteria that will alleviate some of the concerns brought to light during the original RFP process, officials said.

"I have said from the beginning - I want what's best for the City of Troy. This goes far beyond renderings and schematics. This is about the health of our City's economy. This is about the prosperity of Downtown businesses. And most importantly, this is about the residents of Troy," Rosamilia said. "What we do today at this site impacts Troy for generations. We have spent a good part of 2012 in discussions with developers, real estate professionals, and some of the area's most successful business leaders. The feeling among everyone we've talked to - and it's been a long list - is that Troy is moving in the right direction and there is unlimited opportunity for success here."